The home of Albert Park’s longest-running dry cleaner has sold for in excess of $1.8 million.
Leased to local institution Master Dry Cleaner on a long-term basis, 35 Victoria Avenue, Albert Park, was purchased by a domestic investor earlier this month.
The sale of the 163sqm landholding in the bayside suburb represents a land rate of more than $11,000/sqm.
CBRE’s Melbourne & Mornington Peninsula Strip Retail Investments team of Rorey James, Nic Hage and JJ Heng brokered the sale.
The site was initially listed in February for a mid-April auction, before being converted to a private sale process amid the COVID-19 pandemic.
“The level of interest did not come as a surprise given the quality of the location and length of the lease,” Mr Heng said.
“Six groups put forward formal offers, four based locally and two based overseas, with the successful purchaser securing the property on the basis of a strong unconditional position with short settlement.”
The asset last changed hands in 2003, with the neighbouring 33 Victoria Avenue for a combined price of $1.13m.
Its sale follows recent investment transactions in the neighbouring South Melbourne, including 336 Clarendon Street for $2.94m and 170 York Street for $2.05m.
“We are starting to see an increased level of positivity around sub-$5m commercial property,” Mr Hage said.
“There was a drop in enquiries of around 30% across late-March and early-April, but this has rebounded substantially.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
